Open Mortgage is committed to keeping all of our customers up to date on today’s reverse mortgage environment. Recently, The Department of Housing and Urban Development (HUD) announced changes to both the Reverse Mortgage Initial Principal Limit (“PL” – the amount you are able to borrow) and the Mortgage Insurance Premium (MIP). These changes have… Continue Reading Changes Coming to Reverse Mortgage: What You Need to Know
Although solar power has been around for generations, it was not long ago where the technology was both expensive and inefficient. Early solar panels could only convert a small percentage of solar radiation to energy, and the cost per watt of the technology was well outside of the range necessary to bring about a good… Continue Reading Why Now is a Great Time to Upgrade to a Solar Powered Home
There is nothing quite like traveling across the country in an RV. For many seniors, the activity has long been on their “bucket list,” as there is never a better time to explore all that the United States – and possibly even Canada, Mexico, or wherever the road takes you. But living life on the… Continue Reading Seasonal Jobs for Senior RV Travelers
Your FICO credit score plays a key role in your ability to apply for a low interest mortgage. The higher your credit score, the more lenders are able to offer you a competitive rate on your loan. For those who are looking at buying a new home, it’s important to prioritize fixing your credit score… Continue Reading Fast Ways to Improve Your Credit Score Before Applying for Your Mortgage
Options for Mortgage Holders Suffering from Flood Damage Only a couple weeks after Hurricane Harvey hit Texas, Hurricane Irma has devastated Florida this past weekend. There is no denying that homes all over the region are going to sustain damage, including flood damage from each hurricane’s harsh rain. If your home has been affected by… Continue Reading Options for Mortgage Holders Suffering from Flood Damage
In the wake of Hurricanes Harvey and Irma, many uncommon homeowner and mortgage scenarios have been thrust into the spotlight. As those in Houston and the surrounding areas are faced with unimaginable challenges from this surprise hurricane, the following tips may give guidance and peace of mind. One such situation involves a house that is… Continue Reading What Happens if You’re Under Contract to Buy a Home That Has Been Damaged
If you’re considering a reverse mortgage, we advise talking to your adult children beforehand about your thoughts and goals. This video provides some tips to help guide this conversation:
Before you can receive a home equity conversion mortgage (also known as a reverse mortgage), you’re required to take part in a third party counseling session with a government-approved counselor. This counseling session helps you learn more about the loan. Depending on your financial circumstances, there could be fees for this session. Learn about the… Continue Reading Video: Is HECM Counseling Free?